SLB $SLB CONTRACT GIVES IT ACCESS TO VENEZUELA'S OILFIELD DATA, SOURCES SAY

The deal signed last week with state-run PDVSA covers reservoir characterization through real-time crude production, and will let SLB organize and modernize the databases using new technology including AI, three sources close to the negotiations tell Reuters. One source says the goal is to digitize and consolidate all data of the oil industry, with technology transfer and training included.

Venezuela has not published routine oil statistics in more than a decade. The last annual bulletin from the oil ministry came in 2015, leaving only limited monthly output data reported to OPEC.

PDVSA was hit by a ransomware attack late last year that knocked out applications from email to contract administration software. Staff have been communicating through free services like Telegram, facilities are operating outside a centralized system, and one source says some data needs to be rebuilt from paper copies.

Contract duration and payment mechanism remain undisclosed. Payments in kind, including crude, were discussed during negotiations. The US controls all revenue from the country's oil exports. PDVSA defaulted on billions in delayed payments to oilfield service firms including SLB after Washington imposed sanctions on the energy sector in 2019.

Venezuela's oil ministry and the US embassy in Caracas confirmed last week that an agreement was signed to modernize exploration and production. SLB did not immediately reply to a request for comment.

SLB $SLB CONTRACT GIVES IT ACCESS TO VENEZUELA'S OILFIELD DATA, SOURCES SAY

The deal signed last week with state-run PDVSA covers reservoir characterization through real-time crude production, and will let SLB organize and modernize the databases using new technology including AI, three sources close to the negotiations tell Reuters. One source says the goal is to digitize and consolidate all data of the oil industry, with technology transfer and training included.

Venezuela has not published routine oil statistics in more than a decade. The last annual bulletin from the oil ministry came in 2015, leaving only limited monthly output data reported to OPEC.

PDVSA was hit by a ransomware attack late last year that knocked out applications from email to contract administration software. Staff have been communicating through free services like Telegram, facilities are operating outside a centralized system, and one source says some data needs to be rebuilt from paper copies.

Contract duration and payment mechanism remain undisclosed. Payments in kind, including crude, were discussed during negotiations. The US controls all revenue from the country's oil exports. PDVSA defaulted on billions in delayed payments to oilfield service firms including SLB after Washington imposed sanctions on the energy sector in 2019.

Venezuela's oil ministry and the US embassy in Caracas confirmed last week that an agreement was signed to modernize exploration and production. SLB did not immediately reply to a request for comment.

Source:https://twitter.com/faststocknewss/status/2092309090806706622